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specially  appertaining  to  this  present  matter  of
Geographical  Distribution  of  Capital.  So  far
as  I  know,  no  examination  of  world-trade
fluctuations  has  hitherto  been  made.
Now  as  to  the  data  to  be  examined.  The
world’s  trade  consists  of  the  home  or  internal
trade  of  each  country  and  of  the  foreign
commerce  of  each  country.  Records  of  the
home  trade  of  the  countries  of  the  world  do
not  exist  to  an  extent  sufficient  for  a  broadly
based  inquiry  of  this  sort.  Thus  we  have  to
turn  to  the  records  of  the  foreign  commerce  of
each  country,  and  perhaps  the  best  available
test  is  to  examine  the  exports  of  each  country.
Let  it  be  clearly  understood  that  while
export  trade  is  one  important  part  of  a  nation’s
trade,  it  is  by  no  means  an  exclusive  or  an
exhaustive  test  of  a  country’s  progress  or
regress  in  trade  generally.  I  will  use  this  part  of
trade  because  it  seems  to  me  to  supply  the  best
data  that  are  available  for  my  present  purpose.
The  countries  whose  export  trade  has  been
examined  during  each  year  1890-1904  are  as
follows  :—
Europe.—United  Kingdom,  Germany,  France,
Holland,  Russia,  Austria-Hungary,  Belgium,  Italy,
Spain,  Switzerland,  Sweden,  Denmark,  Roumania,
Norway,  Finland,  Portugal,  Greece,  Bulgaria,
Eighteen  countries,  stated  in  the  order  of  their
importance.
America.—United  States,  Canada,  Argentine
Republic,  Chile,  Mexico,  Uruguay,  British  West